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Seniors in Maine

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USA Seniors News

Top Scams That Target Seniors

Seniors are one of scam artist’s favorite targets. More than 25 million
seniors were victims of fraud last year according to the Federal Trade
Commission. Seniors become targets because they are easy to reach by
phone, are often home during the day, often live along, and are often
more willing to talk to strangers.Today, personal finance experts Ken
and Daria Dolan of Dolans.com expose seven top scams that target
seniors. Even if you aren't a senior yourself, keep reading and warn
the seniors in your life about these scams. Scam No. 1: Reverse Equity
Mortgage Scam (Read more)

Bad Actors Continue to Prey on Seniors

"Well-funded marketing campaigns and perverse incentives to brokers are
targeting seniors' home equity and using reverse mortgages as their
tools," attorney Tara Twomey said in the NCLC news release. The senior
market is a goldmine, the report warned, because the population of
senior citizens is expected to grow from 35 million in 2000 to 65
million in 2025. The top reverse mortgage lenders were Financial
Freedom -- primarily a wholesaler -- followed by Wells Fargo Bank and
Bank of America. Source: WalletPop